A West Midlands investment package of almost £800m of public and private cash includes funds to build 1,000 social housing homes and training for 12,000 construction workers.
Labour unveiled the scheme to more than 350 business leaders, local mayors and investors at the government’s first Regional Investment Summit in Birmingham, hosted by Chancellor Rachel Reeves yesterday.
It includes £40m for the West Midlands Combined Authority to boost the delivery of 1,000 new social rent homes across the region.
The cash unlocks properties that are ready, or under construction, building on 750 affordable homes already secured.
The authority has also been granted a £75m package to train over 12,000 people in construction trades and technical roles over three years.
The bulk of the package comes through property investment manager Hines and developer Woodbourne Group, who announced they will put up £400m to support the £4bn Birmingham Knowledge Quarter, a centrepiece of the West Midlands Investment Zone.
The masterplan for the Knowledge Quarter, which covers 210 hectares, plans to build commercial spaces focused on life sciences, artificial intelligence, digital health and advanced manufacturing.
The wider zone plans to create more than 22,000 jobs and provide 4,800 new homes over the next 15 to 25 years.
Business and Trade Secretary Peter Kyle said: “The West Midlands is a thriving business hub, and these funding announcements are a major vote of confidence in our economy and demonstrate how our modern industrial strategy is helping to secure the investment we need to deliver growth in the West Midlands.”
Mayor of the West Midlands Combined Authority Richard Parker added: “The government is backing us with new funding and new powers to go further and faster.”
Other investments include Freshway Dairy investing £25m to build a new processing plant in West Bromwich, creating at least 200 new jobs.
While Sterling Pharmaceuticals will receive a share of £30m of life sciences grant, to help it build a 60,000 sq ft centre in Birmingham, creating 48 jobs and boosting UK production of medicines for the NHS and sales overseas.
